18% GST on MMF and Yarn – A severe blow to synthetic sector

Shri J Thulasidharan, Chairman CITI has appealed to the Hon’ble Union Finance Minister, Union Textile Minister, Textile Secretary and Revenue Secretary to reduce the MMF/Synthetic Fibre and Yarn GST rates from 18 per cent to 12 per cent.   The synthetic sector growth rate is stagnated due to high price, higher cost of manufacturing due to high[…]

18% GST ON MMF AND YARN WILL DENT FABRIC MANUFACTURING

New Delhi, Monday, June 19, 2017: Chairman CITI has welcomed Union Finance Minister and GST council’s announcement on increasing the turnover limit for Composition Levy for CGST and SGST to special category states also. According to him this will give further boost to the investment in the textile sector in these special category states. Moreover, he[…]

LOW GST RATES FOR ALL NATURAL FIBRES, A STEP IN THE RIGHT DIRECTION

New Delhi, Sunday, June 04, 2017: CITI Chairman, Shri J. Thulasidharan welcomed the announcement made by the Hon’ble Union Finance Minister to keep the GST rates for all natural fibres including cotton, cotton yarn, fabrics and readymade garments valued below Rs.1000/- at 5 per cent. Shri Thulasidharan complimented the government for keeping the rates at[…]